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XRP (Ripple) price has experienced a sharp correction, mirroring the broader crypto market decline. The token has fallen below a key resistance level, raising investor concerns. XRP is currently down over 30% from its peak of $3.40, approaching support levels seen before its previous highs.  Over the past week, the Ripple price has dropped 20%, fueling speculation about further downside. As volatility grips the market, traders closely watch whether XRP could slide toward the $1 mark. Here’s Why XRP Price May Slide To $1 Level XRP price is struggling to maintain bullish momentum as bearish pressure intensifies. The cryptocurrency is trading under $3 following market-wide volatility. A temporary halt in Tuesday XRP Ledger’s blockchain production added to investor concerns. However, Ripple’s Chief Technology Officer, David Schwartz, confirmed that the network has recovered. Bullish Momentum Fades Ripple price experienced a sharp drop to $1.8 on Monday before rebounding. The decline disrupted its bullish momentum, shifting control to sellers. The broader crypto market also turned volatile on Wednesday, with Bitcoin sliding to $100,000 and altcoins mirroring its price action. The total crypto market capitalization is now $3.23 trillion, marking a 1.36% daily decline. Falling Trading Volume Signaled Bearish Shift A decrease in trading volume signaled a weakening uptrend. After XRP surpassed $2, volume consistently made lower highs. The 24-hour trading volume fell to $9.88 billion, reflecting a 50.97% drop. This decline reinforced bearish sentiment, making it difficult for buyers to regain dominance. CME’s Denial of XRP Futures Dampens Optimism Earlier this month, optimism surged when Ripple CEO Brad Garlinghouse met former U.S. President Donald Trump, fueling speculation of increased institutional adoption. However, that enthusiasm faded on Wednesday when the Chicago Mercantile Exchange (CME) denied plans to list futures for XRP and Solana (SOL). The rejection dampened hopes for greater institutional involvement, leading…

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Filed under: News - @ February 6, 2025 5:27 am